Your Law Firm Found a Connection to a Prospect. What Should You Do Next?

Law firms spend a lot of time trying to identify connections to prospective clients. A partner may have worked with the General Counsel at a previous company, another lawyer may know the CFO, someone at the firm may serve on a board with an executive or a lateral partner may have represented the company earlier in their career. Those connections can be valuable, but finding one is only the first step in figuring out whether it can help the firm develop the relationship.

Before asking someone to make an introduction, the business development team needs more context. How do the two people know each other? How recent is the relationship? What is happening at the prospect right now? Has the firm approached the company before? Are other lawyers already building relationships there? Answering those questions can help the team determine whether the connection is meaningful and what kind of outreach makes sense.

Understand the Relationship Before Asking for an Introduction

When a potential connection appears, start by looking at how the two people know each other. They may have worked together directly, spent time at the same company, served on a board together, participated in the same professional organization or crossed paths through a previous matter. The nature and timing of that connection can tell you much more than the fact that two names appear in the same professional network.

A lawyer who worked closely with an executive several years ago may still have a strong relationship with that person, while two people who currently belong to the same organization may barely know each other. External research can provide some of that history, but the person at the firm can add the context that isn't publicly available. A short internal conversation may reveal that the relationship is strong, that the two haven't spoken in years or that another lawyer at the firm actually knows the prospect much better.

Understanding the relationship before requesting an introduction also gives the BD team an opportunity to determine how the lawyer would prefer to approach the person. Some lawyers may be comfortable making an immediate introduction, while others may want to reconnect themselves before involving a colleague. In other situations, the lawyer may explain that the relationship isn't strong enough to use. Each of those responses helps the team make a better decision about what to do next.

Research What Is Happening at the Prospect

Once the team understands the connection, look at what is happening at the company. An acquisition, financing, new executive, expansion into another market, new business strategy or other significant development can provide useful context for outreach, particularly when it connects to work the firm already handles.

The research can also help the team understand what the company may be focused on before anyone reaches out. If a prospect has recently completed an acquisition, for example, there may be issues involving integration, employment, tax, regulatory matters or other areas where the firm has relevant experience. A new General Counsel may be learning the organization and evaluating existing relationships, while a company entering a new market may be dealing with legal and business issues that weren't previously part of its priorities.

This gives the relationship holder more to work with than a request to introduce a colleague who wants to pitch the company. The team can explain what has happened at the prospect, why it may be relevant to the firm and which lawyers have experience that could be useful. The relationship holder can then decide whether there is a natural way to start or continue the conversation.

Find Out What the Firm Already Knows

External research is only part of prospect development because the firm may already know much more about the company than anyone realizes. Another practice may have pitched the organization, a lawyer may have worked with one of its subsidiaries, someone may know members of the management team or a colleague may have met the General Counsel at an industry event and already followed up.

Before planning outreach, look at the firm's existing information about the prospect and talk to the people who may have been involved with it. Previous pitches, meetings, matters, event attendance and other interactions can help the team understand what has already happened and prevent different groups from approaching the same company without knowing about one another.

This internal review can also uncover relationships that are stronger than the connection that originally prompted the research. The partner identified at the beginning may know one executive, while another lawyer has worked closely with several people on the leadership team. The firm may discover that the best path into the organization involves coordinating several relationships instead of relying on one introduction.

Give the Relationship Holder Enough Context

A request that says, "We saw that you know Jane Smith. Can you introduce us?" leaves the relationship holder to figure out why the introduction matters, what to say and whether the person being introduced has anything relevant to offer. Providing more context makes it easier for the lawyer to evaluate the request and decide how they want to handle it.

A useful internal note can explain who the prospect is, what has recently happened at the company, how the person at the firm appears to know the contact, which lawyers or practices may be relevant and what the team hopes will come from the outreach. The relationship holder can then confirm the connection, correct anything the research missed and suggest an approach based on what they know about the person.

The resulting outreach may take several forms. The lawyer might make a direct introduction, reconnect with the prospect first or include the colleague in a future conversation. If the relationship holder says the connection isn't strong enough to use, the BD team can look at other relationships or continue following the prospect until another opportunity to connect emerges.

Look at the Broader Relationship Network

Once a company becomes an important prospect, look beyond the first connection that brought it to the team's attention. A single introduction may help begin a conversation, but understanding the broader network around the organization can give the firm several ways to develop the relationship over time.

Look at who at the firm knows members of the legal department, business leadership and board, as well as investors, advisors and other people connected to the company when relevant. Previous employers can be particularly useful because executives often have relationships with lawyers and firms from earlier roles that may not be obvious from their current position.

Looking across the broader network can also help the firm coordinate its outreach. Several lawyers may know different people at the same company without realizing that their relationships are connected. Bringing that information together gives the BD team a better view of where the firm's strongest relationships are and which lawyers may be able to work together on the account.

Connect the Relationship to the Firm's Experience

A strong relationship can help open a conversation, but the team also needs a reason for the prospect to want that conversation. Research into the company should therefore be considered alongside the firm's capabilities and relevant experience.

If the company is making acquisitions, the opportunity may extend beyond M&A to financing, tax, employment, executive compensation, regulatory matters or other areas. A company expanding internationally may face a different set of issues, while a change in leadership may create an opportunity to introduce lawyers with experience relevant to the executive's priorities. The specific areas will depend on the company, its business and what is happening at that moment.

This is where the BD team can connect several pieces of information that may otherwise sit separately: what is happening at the prospect, who the firm knows, what experience the firm has and which lawyers are best positioned to be part of the conversation. That gives the relationship holder a more useful basis for outreach and helps the firm approach the prospect with something relevant to discuss.

Keep Track of the Outreach and Follow-Up

When a relationship leads to outreach, capture what happens next so the team can build on it. If a partner makes an introduction, record the introduction and any resulting conversation. If the relationship holder wants to reconnect before involving another lawyer, note that as the next step. If the timing isn't right, keep enough context about the relationship and the prospect so the team knows why it decided to wait.

This becomes particularly useful when a firm is pursuing multiple prospects, running a strategic account program or coordinating business development across several practices. Without a record of previous outreach, teams can end up rediscovering the same connections, repeating research or approaching someone without knowing that another lawyer has already been in contact.

Over time, tracking this activity also gives the firm a better picture of which relationships are active, where introductions have led to conversations and where relationships may need more attention before the firm asks for anything. That information can improve future prospecting because the team has more context the next time the company appears on a target list or a relevant development occurs.

How Gatsby Can Help With Prospect and Relationship Research

Gatsby can help law firm business development teams gather the external information they need when evaluating a prospect and the people connected to it. Gatsby Intel can support research into the company, its leadership, recent developments and other information relevant to an outreach effort, meeting or pitch. Person Intel can provide additional professional background when the team needs to better understand an executive or other important contact.

That research can then be combined with what the firm already knows about its relationships. A BD professional can review the information alongside previous matters, pitches, meetings and internal relationship knowledge to determine which lawyers may be best positioned to approach the prospect and what may be relevant to discuss.

Gatsby Aware can also help teams continue following priority prospects after the initial research is complete. If the timing isn't right for outreach today, a future acquisition, leadership appointment, financing or other company development may provide a more relevant reason to reconnect. Monitoring the prospect gives the team a way to stay current without starting the research over each time the company comes back onto the firm's radar.

The opportunity is much bigger than finding a name connected to another name. Law firms can get more from their relationship networks when they understand how people know each other, what is happening at the company, what the firm has already done and why a conversation would be relevant now. Gatsby can help bring together the external research needed to answer those questions, while the firm's own knowledge provides the context that turns the research into a practical business development plan.

Frequently Asked Questions

What should a law firm do after finding a connection to a prospect?

Start by understanding how the people know each other and whether the relationship is current enough to be useful. At the same time, research the prospect's recent activity and review what the firm already knows about the company. That context can help the BD team determine whether an introduction makes sense, who should be involved and what the outreach could be about.

How can law firms identify their strongest relationships with a prospect?

Professional history can provide useful clues, including previous employers, matters, board service, industry organizations and other shared experiences. The next step is confirming those relationships internally because lawyers and BD professionals may know whether two people worked closely together, how recently they have been in contact and whether someone else at the firm has a stronger connection.

When is a good time to approach a prospect?

Recent company activity can provide a natural reason to reconnect when it relates to the firm's experience. An acquisition, financing, leadership change, expansion or strategic initiative may create issues that are relevant to the firm's lawyers. The relationship and the company's circumstances can then help determine whether the timing and subject of the outreach make sense.

How can Gatsby support prospect research?

Gatsby can help law firms research companies and individuals, understand professional backgrounds and follow developments involving priority prospects. Marketing and business development teams can combine that research with the firm's internal knowledge to prepare for outreach, coordinate relationships, support meetings and determine where follow-up may be useful.